Business chiefs applaud Jeremy Corbyn’s Marxist agenda that will hike taxes by nationalising parts of the economy

JEREMY Corbyn was applauded by business chiefs despite setting out his Marxist agenda, which would see taxes rocket.

Labour’s leader told the CBI annual conference his plans would involve raising taxes and nationalising key parts of the economy. And he said workers should get pay rises after years of incomes being squeezed.

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Jeremy Corbyn set out a Marxist agenda at the CBI annual conferenceCredit: Reuters

Corbyn told the conference that it would mean having to "raise some taxes to pay for it."

But he insisted: “This isn’t a throwback to a bygone era. It’s in step with what is happening in the rest of the world.”

But Carolyn Fairbairn, CBI Director-General, said: “It is clear that competitive markets are the best way to improve people’s lives.

"Abandoning this model will hurt those who need help most and make the UK a laggard in the global race for investment.”

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CBI Director-General Carolyn Fairbairn said that abandoning current models will only hurt those who need the most help

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